Lucknow: The Union Budget 2025-26 introduces several new initiatives aimed at urban development, the welfare of gig workers, and expanding access to financial services for street vendors and middle-income families. Here are the key announcements:
- Urban Challenge Fund: The government will set up a ₹1 lakh crore Urban Challenge Fund to implement the ‘Cities as Growth Hubs’, ‘Creative Redevelopment of Cities’, and ‘Water and Sanitation’ proposals. This fund will finance up to 25% of the cost of bankable projects, with at least 50% of the cost funded through bonds, bank loans, and public-private partnerships (PPPs). An allocation of ₹10,000 crore is proposed for 2025-26.
- National Geospatial Mission: A new National Geospatial Mission will be established to develop foundational geospatial infrastructure and data. It will aid in the modernization of land records, urban planning, and infrastructure projects, using PM Gati Shakti to enhance efficiencies in project design.
- Support for Urban Workers: The government will implement a scheme for the socio-economic upliftment of urban workers, aiming to improve incomes, promote sustainable livelihoods, and raise the quality of life for vulnerable urban groups.
- Gig Workers’ Welfare: Gig workers, especially those from online platforms, will be provided with identity cards and registration on the e-Shram portal. They will also receive healthcare under the PM Jan Arogya Yojana, with an estimated 1 crore gig workers set to benefit.
- UPI Linked Credit Cards for Street Vendors: Building on the success of the PM SVANidhi scheme, the government will now offer UPI-linked credit cards with a ₹30,000 limit for street vendors. This will provide vendors with better access to formal credit and capacity-building support.
- Expansion of the SWAMIH Fund: The Special Window for Affordable and Mid-Income Housing (SWAMIH) has already helped complete 50,000 dwelling units in stressed housing projects, with 40,000 more units expected in 2025. A new SWAMIH Fund 2, with ₹15,000 crore in blended finance from the government, banks, and private investors, will aim to expedite the completion of 1 lakh additional units for middle-class families.
These initiatives aim to promote urban growth, improve the welfare of gig workers, and support housing and financial inclusion efforts for the vulnerable and middle-class populations.
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